In some places - a 100,000 plus salary and pension makes teaching really attractive

[stray cat]

http://www.nytimes.com/2009/02/01/fashion/01generationb.html

But in the late 1980s, teacher salaries took a jump across the country, and they just kept improving, to the point that now, with the economic collapse, a lot of people who sneered at teachers, wish they had it so good.

Health insurance? “My health care is free,” Ms. Huff said.

Security? “Long as there’s kids, I have a job.”

Pension? “Guaranteed pension. I hit the magic numbers last June — 55 and 30.” That’s 55 years old with 30 years of experience, at which point teachers across New York State can retire with an annual income of about 60 percent of their top salary — likely to be between $60,000 and $70,000 a year in Ms. Huff’s case. If she’s fortunate enough to live 25 more years, that’s the equivalent of sitting on a 401(k) of about $1.5 million.

At a time when many of her generation are wondering if they will ever be able to retire, Ms. Huff said, “I’m not sure if I’ll retire this June or next.”

[elleng]

1. "In 1986, the maximum salary here was $36,500.

The next year, Mr. Urbanski negotiated a landmark contract that raised top pay to $70,000, the best for an urban district in the country at the time. In return, a new category of lead teachers worked longer hours and 10 extra days a year, a tougher screening process was established to weed out bad teachers, and traditional seniority rules were dropped so the best veteran teachers could be assigned to the most troubled schools.

The contract became a model of union/management cooperation, with Mr. Urbanski and the superintendent at the time making speaking appearances all over the country. It also helped set off an upward salary spiral."

[Davis_X_Machina]

2. I am eligible...

...for 60% of the average of my last three years' salary, but only if I retire after 62. The early retirement penalty is 6% per year. So $48,000 * .60 = $28,500, then deduct the $3500 or so early retirement penalty. That's $25,000. No SS of course -- public employee. And my 403(b) is worth half what it was.

Looked like I picked the wrong state to retire from.